EBRD approves membership of Ghana and Senegal

By bne IntelliNews March 1, 2024

The shareholders of the European Bank for Reconstruction and Development (EBRD) have approved applications by Ghana and Senegal to become members of the multilateral financial institution.

The authorities of the two West African countries each applied for EBRD membership in October 2023. The Bank’s Board of Governors has now approved the first stage in the membership process. Ghana and Senegal must meet some final pre-membership requirements before the process is concluded.

The move follows the Governors’ approval – at the EBRD’s 2023 Annual Meeting in Samarkand – of amendments to the Bank’s statutes to enable the limited and incremental expansion of its operations to sub-Saharan Africa and Iraq.

Ghana and Senegal have also requested to become recipients of EBRD financial and advisory services, which the Bank will address once the statutory amendments are in force.

EBRD President Odile Renaud-Basso said: “We are very happy about this important milestone in the process for Ghana and Senegal to become new EBRD members. This reflects our Governors’ historic decision, last year, on the future expansion of the Bank’s operations to sub-Saharan African countries. Together with other international partners, our goal will be to help unleash the potential of the countries’ private sectors, create jobs and support sustainable development.”

The successful applications from Ghana and Senegal follow those from Benin and Cote d’Ivoire, whose memberships Governors approved in October 2023.

Since its inception in 1991, the EBRD has invested over €190mn ($205mn) in 6,969 projects and supported policy reforms to develop the private sector in over 30 economies. Its investments span natural resources, financial institutions, agribusiness, manufacturing and services, as well as infrastructure projects, such as power and renewable energy, and the upgrade of municipal services.

Related Articles

Republic of Congo expands oil partnerships, eyes closer ties with Azerbaijan

The Republic of the Congo’s President Denis Sassou-Nguesso is diversifying the West African country’s oil and gas partnerships in search of reliable allies to explore its substantial reserves, ... more

Barrick Gold fears expropriation of Malian mine

Barrick Gold, the Toronto-based mining giant, finds itself in the crosshairs of Mali's military junta amid a backdrop of increasing Russian influence in the West African nation's economy, The Globe ... more

South Africa’s power utility Eskom aims to limit unplanned breakdowns during winter

South Africa’s state-owned electricity utility Eskom is poised to unveil its winter outlook by the end of April but cautions that nationally imposed power outages, called load shedding locally, ... more